Dairy Alternatives Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Source (Soy, Almond, Coconut, Oats, and Others), Product Type (Milk, Ice Cream, Yogurt, Cheese, and Others), and Distribution Channel (Supermarkets & Hypermarkets, Conveni

Dairy Alternatives Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Source (Soy, Almond, Coconut, Oats, and Others), Product Type (Milk, Ice Cream, Yogurt, Cheese, and Others), and Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others)

The dairy alternatives market is projected to reach US$ 51,656.58 million by 2028 from US$ 28,181.76 million in 2022; it is expected to grow at a CAGR of 10.6% from 2022 to 2028.

Dairy alternatives or dairy-free products are made from almond milk, soy milk, and coconut milk, among others, free from lactose, unsaturated fat, and low sugar and cholesterol content. Plant-based dairy products have similar texture, creaminess, and consistency to conventional dairy products. Dairy alternatives manufacturers are developing products with high protein and calcium content that meet the daily nutritional requirements of consumers. Ripple Foods, one of the prominent manufacturers of plant-based dairy, recently launched Oatmilk + Protein, which has 6 grams of plant-based protein per serving. It is three times more than most conventional oat milk options, as well as it has 50% less sugar and 50% more calcium than traditional dairy-based milk. Such products are gaining huge traction among potential consumers, driving the growth of the dairy alternatives market.

Based on distribution channel, the dairy alternatives market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. The supermarkets & hypermarkets segment accounted for the largest share of the dairy alternatives market in 2020. However, the online retail segment is expected to register the highest CAGR during the forecast period. Online retail confers convenience in terms of shopping and product delivery. Online retail stores offer a wide variety of products with heavy discounts; also, consumers can conveniently buy desirable products remotely. Home delivery services attract many customers to shop through an e-commerce platform. E-commerce websites offer detailed product information and user reviews, which help buyers compare products and make informed decisions. Such features are driving the segment’s growth.

Based on region, the dairy alternatives market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM). In 2020, Asia Pacific held the largest share of the dairy alternatives market; however, the Middle East & Africa is estimated to register the fastest CAGR over the forecast period. The veganism trend is gaining immense popularity across the Middle East & Africa. With improving lifestyle of people, rising disposable income, and increasing awareness regarding health and wellness, people are shifting toward a more healthy and sustainable diet. This factor presents strong growth potential for the dairy alternatives market across the region. The manufacturers of dairy alternatives are expanding their operations in the Middle East & Africa to boost their revenues and customer reach. For instance, in 2020, Upfield, a Dutch plant-based company, launched its plant-based butter and cream in major supermarket chains across the UAE, Saudi Arabia, Bahrain, Kuwait, Qatar, Oman, Jordan, and Lebanon. Such strategies are boosting the growth of the regional dairy alternatives market.

The key players operating in the dairy alternatives market include SunOpta; Blue Diamond Growers; Nestle SA; Danone S.A.; Oatly Inc.; Califia Farms, LLC; Valsoia S.p.A.; Lactasoy co.th.; Sanitarium; and Valio Ltd.These players are engaged in developing affordable and innovative products to meet the rising customer demands and expand their market shares.

The overall dairy alternatives market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants—such as valuation experts, research analysts, and key opinion leaders—specializing in the dairy alternatives market.

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Dairy Alternatives Market - List of 10 Companies

1. SunOpta
2. Blue Diamond Growers
3. Nestle SA
4. Danone S.A.
5. Oatly Inc.
6. Califia Frams, LLC
7. Valsoia S.p.A.
8. Lactasoy co. th
9. Sanitarium
10. Valio Ltd.